Great investment opportunity, 13% plus cap rate! Renovated 2.5 story 20-unit brick apartment building with eleven 1-bed 1-bath, six 2-bed 1-bath and 2 studios situated on a 14,810 sf site with good curb appeal. Leases negotiable upside increase to market rents, current occupancy 100%. Boiler and roof updated, parking lot for tenants. Property manager in place or self-manage. Ideal opportunity for cash buyer or bank financing.
Multi-familyProperty Type
1971Year Built
0.34 acresLot Size
$55Price/Sq.Ft.
Listed by Justin Zehel• Keller Williams Paint Creek
Great investment opportunity, 13% plus cap rate! Renovated 2.5 story 20-unit brick apartment building with eleven 1-bed 1-bath, six 2-bed 1-bath and 2 studios situated on a 14,810 sf site with good curb appeal. Leases negotiable upside increase to market rents, current occupancy 100%. Boiler and roof updated, parking lot for tenants. Property manager in place or self-manage. Ideal opportunity for cash buyer or bank financing.
REALCOMP #58050102676
Feb 8, 2024
Sold
$850,000
$55/sq ft
Mar 4, 2023
Listed
$875,000
$57/sq ft
MiRealSource-MiMLS #21212674
Sep 12, 2016
Sold
$430,000
$28/sq ft
Sep 7, 2016
Listing Removed
—
Sep 6, 2016
Listed
$450,000
$29/sq ft
REALCOMP #216088871
Sep 12, 2016
Sold
$430,000
$28/sq ft
Sep 7, 2016
Listing Removed
—
Sep 6, 2016
Listed
$450,000
$29/sq ft
MiRealSource-MiMLS #20590517
Mar 20, 2014
Listing Removed
—
Sep 20, 2013
Listed
$525,000
$34/sq ft
As the MLS and public records start to fill up, we'll list the details here.
Public record
Public record
Zoning
Beds
—
Baths
—
Stories
—
Lot width
149 ft.
Lot depth
100 ft.
Lot size
—
Year renovated
—
Sq. Ft.
—
Year built
—
Style
Multi-Family (5+ Unit)
County
Wayne County
APN
—
Parking Spaces
—
Basement
—
Accessible
—
HOA Dues
—
Garage
—
Features
—
Last updated by owner on Apr 10, 2023.
R4
Thoroughfare Residential District
This R4 Thoroughfare Residential District is designed to be used primarily on major or secondary thoroughfares where the major use of the property is for low-medium density residential dwellings characterized, primarily, by rental apartment dwellings. Among others, uses permitted by right include multiple-family dwellings, single- and two-family dwellings, and certain other residentially related uses which can function most advantageously where located on these thoroughfares. Medical and dental clinics, motels or hotels, and certain types of non-profit uses may be conditional basis subject to appropriate findings and compliance with required standards.
Permitted uses
Include but are not limited to:
Religious facility
Day care facility
Housing-Single unit
Housing-Multiple units
Housing-Senior
Housing-Student
Educational/school
Library
Museum / gallery
Recreation
Property details
Interior
Interior Features
Has Basement
Bathroom Information
# of Bathrooms (Full): 20
# of Baths/Lavatories (Total): 20
Mult-Unit Information
# of Units (Total): 20
Exterior
Exterior Features
Foundation Type: Basement
Property Information
Property Type: Multi-Family
Structure Style: More than 2 Stories
Year Built: 1971
Lot Information
Lot Size: 14,810
Land Information
Acreage: 0.34
Financial
Tax/Assessments Information
Total Tax Amount: $10,840
Summer Tax Year: 2022
Summer Tax Amount: $9,682
Winter Tax Year: 2022
Winter Tax Amount: $1,158
Utilities
Utility Information
Separate Heat: Yes
Separate Water
Water: Public Water
Separate Electric
Separate Gas
Fuel Type: Natural Gas
Separate Heat
Heating System: Forced Air
Sewer Septic: Public Sanitary
Location
School Information
School District: Detroit City School District
School District: Detroit City School District
Address Information
Street Designation: Road
Location Details
Municipality Type: City
Municipality: Detroit
Mail City: Detroit
Subdivision: Seven Mile Lahser Sub
Municipality: Detroit
Area (Municipality): Detroit (82001)
Public facts
Beds: —
Baths: —
Sq. Ft.: —
Stories: —
Lot Size: —
Style: Multi-Family (5+ Unit)
Year Built: —
Year Renovated: —
County: Wayne County
APN: —
Home facts updated by county records on Apr 10, 2023
Other
Listing Information
Originating MLS: MI Real Source
Originating MLS: MI Real Source
Around this home
Schools
Wright Charles School
Public PreK-8 • Assigned • 0.5mi
3/10
Ford High School
Public 9-12 • Assigned • 1.3mi
2/10
Provided by GreatSchools
Lifestyle
Provided by Walk Score and Local Logic
Climate risks
1/10 Flood Factor
Minimal risk of a flood reaching the building in the next 30 years
1/10 Fire Factor
Unlikely to be in a wildfire in next 30 years
3/10 Heat Factor
7 days above 98° expected this year, 15 days in 30 years
2/10 Wind Factor
Minor risk of severe winds over next 30 years
3/10 Air Factor
2 unhealthy days expected this year, 3 days in 30 years
Provided by First Street
Historical weather
Detroit, MI • 48219
Average low and high temperatures (°F)
29
16
34
20
53
33
62
42
69
49
82
61
86
67
81
61
79
56
67
46
50
37
37
25
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sun exposure
In this area, properties receive around 9.6 hours in
June and 2.6 hours in December, placing it below the
U.S. average for solar exposure.